G.O.P. Caves, Republicans Will Raise Debt Ceiling Video

In an abrupt turnabout, GOP leaders say they will vote next week to temporarily extend the debt limit. But the party remains divided about how to exact more budget cuts from President Obama.

House Republicans Friday backed off threats to force a government default if Democrats did not approve deep spending cuts next month — handing President Obama another victory over conservatives in Congress.

WILLIAMSBURG, Va. — House Republican leaders abruptly announced they would vote next week to temporarily extend the nation’s debt limit, sharply reducing the threat that the government might default on its obligations, but leaving the party still divided as it casts about for the best way to pressure President Obama for more budget cuts.

“Senate Minority Whip John Cornyn (R-Texas) said Thursday that Congress will raise the debt ceiling, making him the latest in a series of top-level Republicans who have stepped back from the threatened debt ceiling standoff.

Republicans have relented on vows to not raise the debt ceiling or demand concessions, finally saying they will give in. Does this signal a change in Obama’s negotiation skills and second term? John Iadarola, Jimmy Dore, and Cara Santa Maria discuss. 

“Next week,” said Cantor. “We will authorize a three month temporary debt limit increase to give the Senate and House time to pass a budget.”

No, all they wanted was a commitment from the Democratic Senate. The upper house had to pass a budget by the end of the grace period. If it didn’t, said Cantor, “members of Congress will not be paid by the American people for failing to do their job.” The 27^th Amendment doesn’t let Congress cut its own pay hastily, so the money would be held in escrow, until the Senate passed something. Republicans wouldn’t demand anything in particular for that “something”—no equal cuts, no defunding of Planned Parenthood. They would just shame the Democrats, something that began quickly on Twitter with a #NoBudgetNoPay hashtag.